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What is a student loan?

A student loan is a type of loan offered by different entities, including the federal government, private lenders, banks and other financial institutions, that helps students pay for the cost of post-secondary education. Student loans are designed to cover costs associated with higher education, including tuition, living expenses, books and supplies. As with other types of financial loans, the principal is the amount borrowed, while the interest is the cost over time for borrowing the money.

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